Close rate

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    Ex-rate

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    No actions applied

    Total adjustment

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    Result code

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    Pick an action

    Pick at least one corporate action

    The ex-rate is computed by mechanically stripping each entitlement off the cum-rights price. Toggle one or more below to see the math.

    Learn the calculator

    Master this tool in 60 seconds

    When a PSX-listed company announces a dividend, bonus or right share, the stock trades ex-entitlement on its book-closure date. The X-Rate Calculator finds the theoretical fair price after that adjustment — so you know whether the post-adjustment quote is a bargain or fair value.

    Step by step

    How it works

    1. 1

      Pick the corporate-action type

      Cash dividend (XD), bonus issue (XB), right share (XR), or any combination. Each one mechanically lowers the cum-rights price by a specific amount.

    2. 2

      Enter the closing rate and face value

      The closing rate is the last cum-rights traded price. Face value (par) is usually PKR 10 for PSX equities and is required for right-issue math.

    3. 3

      Add the action terms

      Cash dividend % is paid on face value (e.g. 50% = PKR 5/share). Bonus % and Right % are the ratios announced by the issuer.

    4. 4

      Read the ex-rate

      The result is the theoretical opening price the morning after book closure. The actual market price may differ based on sentiment, but the ex-rate is your reference.

    Behind the math

    The formula

    Cash dividend (XD): XD Rate = Close − (Div% × Face Value) Bonus shares (XB): XB Rate = Close × 100 / (100 + Bonus%) Right shares (XR): XR Rate = (Close × 100 + Right% × (Face + Premium − Discount)) / (100 + Right%) Combined (XD + XB + XR): Apply each adjustment sequentially on the running ex-rate.

    The math is dilution-driven: a bonus issues new shares for free, so the cum price has to spread over a larger share count; a right issues new shares at a discount, so the ex-rate is a weighted average of old and new. Dividends just leave the company in cash.

    Right tool, right moment

    When to use it

    • Setting a fair-value entry price for a stock that has just gone ex-entitlement
    • Adjusting your cost basis after a bonus/right received on a holding
    • Evaluating a right-issue offer — is the right share priced attractively?
    • Cross-checking your broker's ex-date opening quote against theoretical fair value

    Sharpen the edge

    Pro tips

    1. 1

      XD adjustment uses the dividend per share, not the dividend amount you receive — multiply div% by face value (usually PKR 10).

    2. 2

      In a bonus + right combo, sequence matters slightly — but the calculator applies them in the standard PSX-recognised order.

    3. 3

      The ex-rate is a theoretical anchor — markets often open above or below it based on sentiment. Use it to spot mispricings, not to predict.

    4. 4

      For long-term holders, bonus/right adjustments don't change wealth — they reshape it. Don't panic-sell on an ex-bonus drop.

    Frequently asked

    Common questions

    Why does my stock fall on the ex-date?
    It hasn't — it has been mechanically adjusted to reflect that an entitlement has been "stripped" off. Your total wealth (shares + dividend or new shares) is unchanged. The drop is arithmetic, not market sentiment.
    What is face value and why does it matter?
    Face (or par) value is the nominal value at which a share is issued — PKR 10 for most PSX equities. Cash dividends and right issues are quoted as a percentage of face value, not market price.
    How do book-closure dates work?
    The company announces a "book closure" window. Anyone holding the share before the start of book closure is entitled to the corporate action. The first trading day after book closure is the ex-date — when the stock trades adjusted.